Works & Infrastructure Ministry Gets ₦1.37 Trillion Allocation
Lagos — The Lagos State House of Assembly has officially passed a ₦4.44 trillion budget for the 2026 fiscal year, adopting the report of the House Committee on Economic Planning and Budget.
Presenting the report during Thursday’s plenary, Committee Chairman Mr. Sa’ad Olumoh outlined the assumptions, projections, and structure of the “Budget of Shared Prosperity.”
He noted that the framework was anchored in key macroeconomic indicators, including an exchange rate benchmark of ₦1,512 per dollar, an inflation rate of 14.7 percent, oil production of 2.06 million barrels per day, and a benchmark oil price of $64 per barrel.
Olumoh also reviewed the performance of the 2025 budget, which recorded a cumulative implementation rate of 79 percent as of November. Capital expenditure performance stood at 75 percent, recurrent expenditure at 87 percent, and overall revenue performance at 79 percent.
For 2026, the approved budget allocates ₦2.052 trillion to recurrent expenditure and ₦2.185 trillion to capital expenditure.
Within this, the Ministry of Works & Infrastructure commands the largest share, accounting for ₦1.37 trillion, underscoring the government’s strong commitment to roads, housing, transport, and other capital projects.
The budget also covers personnel costs, overheads, debt servicing, and repayments, with a projected deficit of ₦243 billion to be financed through approved channels.
Speaker Mudashiru Obasa praised the committee’s work, describing the budget as “realistic, balanced, and capable of driving inclusive economic growth.” He added that revenue-generating agencies had pledged full cooperation to meet — and potentially exceed — revenue targets.
During the legislative review, Mr. Aro Moshood (Ikorodu 2) revealed that an additional ₦171 billion was added to the budget. Mr. Femi Saheed (Kosofe 2) affirmed that the budget size reflects Lagos’s economic resilience, contingent on stakeholder accountability.
Mr. Gbolahan Yishawu (Eti-Osa 2) called for deeper revenue reforms and prudent loan repayments to ensure long-term fiscal sustainability.
Following deliberations, the House adopted the committee’s report and passed the 2026 Appropriation Bill into law.
The Speaker directed Clerk Olalekan Onafeko to transmit the budget to Governor Babajide Sanwo-Olu for assent.
Sanwo-Olu had earlier presented a ₦4.237 trillion proposal to the Assembly on November 25, aimed at accelerating economic growth, expanding infrastructure, and maintaining fiscal discipline.
He projected total revenue of ₦3.99 trillion, comprising ₦3.12 trillion from internally generated revenue and ₦874 billion from federal transfers. The governor confirmed a deficit financing plan of approximately ₦243.3 billion for the 2026 fiscal year.
